This content is not available in your region

Chinese smart car supplier Banma raises $460 million from Alibaba, SAIC Motor, others

Chinese smart car supplier Banma raises $460 million from Alibaba, SAIC Motor, others
Chinese smart car supplier Banma raises $460 million from Alibaba, SAIC Motor, others   -   Copyright  Thomson Reuters 2021
By Reuters

BEIJING – Chinese smart car supplier Banma said on Wednesday that it has raised 3 billion yuan ($463 million) from existing investors including Alibaba, SAIC Motor and others.

Banma, which is developing in-car software, did not disclose its valuation after the investment.

Apart from Banma, Alibaba and SAIC Motor are working on a new electric vehicle brand called IM.

($1 = 6.4744 Chinese yuan renminbi)

Euronews provides articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.